New York-based startup Yotta, a connected asset management software and services provider, raised US$ 13.2M in Series A funding round on 28 January 2021.
Investors: The Series A was led by Base10 Partners with participation from YCombinator, Core Innovation Capital and Slow Ventures. Yotta’s previous investors include Cliff Asness and Ken Moelis. It had announced its Series Seed in August of 2020. Yotta has raised US$17.7M to date.
Purpose of the funding: The funds will be utilized to expand into gamified financial services and banking offerings for consumers, including debit and credit cards.
About Yotta
Founded in 2020 by Adam Moelis and Ben Doyle, Yotta aims to bring excitement into saving and make putting away money a habit. It empowers people to manage their assets and make better and intelligent decisions about the way they do it. Yotta offers free FDIC-insured bank savings accounts and rewards savings account depositors with weekly prize drawings. The prizes range from 10 cents to the $10 million grand prize.
40% of Americans can’t pay for an unexpected US$ 400 expense during an emergency, but the average household in the U.S. spends US$ 710 per year on lottery tickets. The reason for these trends is that there are not many short-term rewards for savings, whereas lotteries provide some hope and excitement.
What the CEO has to say: “Savings accounts have worked the same, boring way for decades. We are excited to make saving money and managing personal finances fun, so that it’s easier for Americans to build up their financial safety net,” said Adam Moelis, CEO and co-founder of Yotta.
What Investors have to say: “Yotta’s recent exponential growth is what attracted us to the company, and we are equally excited by the potential for societal good their platform stands to bring to people across the U.S. Adam and Ben are out to change habits for the better and we’re proud to be partnering with them,” said TJ Nahigian, Managing Partner at Base10 Partners.
About Base10 Partners
Base10 is a San Francisco-based early-stage venture firm. It invests in ‘Automation for the Real Economy’. It was founded by Adeyemi Ajao and TJ Nahigian. Base10 Partners invests in technology companies that are bringing automation to sectors of the real economy including industrial logistics, consumer logistics, restaurants, financial services and sales and customer service. Some of its portfolio companies are ThePillClub, Virtual Kitchen Company and Popmenu among others.
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